§ 1-1106. Bonds -- General authority

   (a) Authority to issue. -- A county or municipality may issue bonds to finance loans made through a program.

(b) Ordinance or resolution required. -- To issue a bond, a county or municipality shall adopt an ordinance or a resolution that specifies the maximum principal amount of the bond.

(c) Options for bond specifications. -- In the ordinance or resolution, the county or municipality may:

   (1) specify the items listed in subsection (d) of this section;

   (2) authorize the finance board of the county or municipality to specify those items by ordinance or resolution; or

   (3) authorize the chief executive to specify those items by executive order.

(d) Optional bond specifications. -- For each issuance of a bond, the county or municipality may specify:

   (1) the principal amount;

   (2) the interest rate or, for floating or variable rates of interest, the method to determine the interest rate;

   (3) the manner and terms of sale, including whether by competitive or negotiated sale;

   (4) the time of execution, issuance, and delivery;

   (5) the form and denomination;

   (6) the source, manner, times, and places to pay principal or interest;

   (7) conditions for redemption before maturity;

   (8) the purposes for which proceeds may be spent;

   (9) the source of security; and

   (10) other provisions that are necessary or desirable to effect the program.

HISTORY: An. Code 1957, art. 24, § 9-1503; 2013, ch. 119, § 2.